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23 Apr 2014
AUD/USD struggles to establish above 0.9370
FXStreet (Bali) - AUD/USD was able to regain an bullish momentum on the return of business as usual in the FX market on Tuesday, with the exchange rate ending at 0.9360 after a 0.9332 open.
AUD/USD broke above 0.9340 resistance early in the last Asia session, however, sellers well camped above the 0.9370 area disallowed further progress. Focus in Asia will now be the Aus CPI and China HSBC PMI, with the releases scheduled at 1.30 and 1.45 GMT respectively.
It is worth noting that judging by the ticks generated near Tuesday's high, it continues to provide tentative evidence that the smart money may be now more actively selling the AUD at more expensive levels to add shorts.
Technically, Valeria Bednarik, Chief Analyst at FXStreet.com, noted: "The hourly chart showing price steady above a bullish 20 SMA and indicators losing upward strength above their midlines. In the 4 hours chart the technical picture is pretty bullish, which supports a test of the 0.9400 level for the upcoming session, moreover if Australian inflation readings surge above expected."
AUD/USD broke above 0.9340 resistance early in the last Asia session, however, sellers well camped above the 0.9370 area disallowed further progress. Focus in Asia will now be the Aus CPI and China HSBC PMI, with the releases scheduled at 1.30 and 1.45 GMT respectively.
It is worth noting that judging by the ticks generated near Tuesday's high, it continues to provide tentative evidence that the smart money may be now more actively selling the AUD at more expensive levels to add shorts.
Technically, Valeria Bednarik, Chief Analyst at FXStreet.com, noted: "The hourly chart showing price steady above a bullish 20 SMA and indicators losing upward strength above their midlines. In the 4 hours chart the technical picture is pretty bullish, which supports a test of the 0.9400 level for the upcoming session, moreover if Australian inflation readings surge above expected."